TAILIEUCHUNG - Optimal Leverage in Real Estate Investment with Mezzanine Lending

I have already pointed out that there are two basic sets of capitalization tools: (1) direct capitalization and (2) yield analysis. Tool Kit #2 Direct Capitalization focuses on the income stream from a property, without taking into account appreciation in value, paying down of mortgages, or ultimate value on disposition. In this regard it differs from yield analysis (Tool Kit #3 Discounted Cash Flows), as most yield calculations take into account the cash flow during the hold period plus the cash flow from the ultimate disposition of the property (see below). Direct capitalization. | Optimal Leverage in Real Estate Investment with Mezzanine Lending John F. McDonald Center for Urban Real Estate University of Illinois at Chicago Great Cities Institute Publication Number GCP-07-02 A Great Cities Institute Working Paper January 2007 M atenftPOLJTAII GÚMĨI1ITHEN1 UIC The Great Cities Institute The Great Cities Institute is an interdisciplinary applied urban research unit within the College of Urban Planning and Public Affairs at the University of Illinois at Chicago UIC . Its mission is to create disseminate and apply interdisciplinary knowledge on urban areas. Faculty from UIC and elsewhere work collaboratively on urban issues through interdisciplinary research outreach and education projects. About the Author John F. McDonald is Professor Emeritus of Economics and Director Center for Urban Real Estate at the University of Illinois at Chicago. He may be reached at mcdonald@. Great Cities Institute Publication Number GCP-07-02 The views expressed in this report represent those of the author s and not necessarily those of the Great Cities Institute or the University of Illinois at Chicago. This is a working paper that represents research in progress. Inclusion here does not preclude final preparation for publication elsewhere. Great Cities Institute MC 107 College of Urban Planning and Public Affairs University of Illinois at Chicago 412 S. Peoria Street Suite 400 Chicago IL 60607-7067 Phone 312-996-8700 Fax 312-996-8933 http cuppa gci UIC Great Cities Institute Optimal Leverage in Real Estate Investment with Mezzanine Lending Executive Summary The paper presents a theoretical analysis of the optimal leverage for the purpose of investing in real estate under the condition that borrowing in excess of a standard amount such as 70 to 80 percent of the purchase price must be accomplished through a mezzanine loan with a high rate of interest. The conditions under which a mezzanine loan is used are derived. It is shown that a larger .

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